The Biden administration has been under scrutiny for delays in implementing cannabis research policies. Lawmakers and advocates alike have been urging for action to address the barriers to research and the rescheduling of cannabis. This article will explore the current state of medical cannabis research, the policy challenges faced, and the potential impact of rescheduling.

The Department of Health and Human Services (HHS) has recommended reclassifying cannabis to Schedule III, a move that would have significant implications for businesses and research. Currently, cannabis is classified as a Schedule I drug, the most restrictive category, which includes substances with no currently accepted medical use and a high potential for abuse. This classification has been a major hurdle for researchers, limiting their ability to study the plant’s potential medical benefits.

Reclassifying cannabis to Schedule III, a category that includes drugs with moderate to low potential for physical and psychological dependence, would open the door for more comprehensive research. It would also ease some of the regulatory burdens on cannabis businesses, potentially allowing them to access traditional banking services and tax deductions.

The ongoing efforts to pass the Secure and Fair Enforcement (SAFER) Banking Act also highlight the challenges state-legal cannabis businesses face in accessing banking services. Currently, many banks are hesitant to work with cannabis businesses due to the plant’s federal illegality, forcing many of these businesses to operate on a cash-only basis. This not only poses security risks but also hinders the industry’s growth.

The SAFER Banking Act aims to provide a safe harbor for banks that work with cannabis businesses, protecting them from federal penalties. The passage of this act would be a significant step forward for the industry, allowing businesses to access loans, open checking accounts, and accept credit card payments.

In conclusion, the current state of medical cannabis research and policy presents a complex landscape of challenges and opportunities. The potential rescheduling of cannabis and the passage of the SAFER Banking Act could have far-reaching implications for the industry, from research and development to business operations. As the Biden administration navigates these issues, the future of medical cannabis research and policy hangs in the balance.